Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders' Equity 

The following is a summary of our stockholders' equity capital accounts as of the dates indicated: 

	September 30, 2024	December 31, 2023
Preferred Stock, $1.00 par value:
Authorized shares	50,000,000	50,000,000
Issued shares	—	—
Outstanding shares	—	—
Common Stock, $1.00 par value:
Authorized shares	1,400,000,000	700,000,000
Issued shares	620,180,281	566,001,632
Outstanding shares	618,395,510	564,241,181

Common Stock

In April 2024, we entered into an equity distribution agreement whereby we can offer and sell up to $3,500,000,000 aggregate amount of our common stock ("ATM Program"). Our prior equity distribution agreement dated February 15, 2024, allowing us to sell up to $3,500,000,000 aggregate amount of our common stock, was terminated as a result. The ATM Program allows us to enter into forward sale agreements (none outstanding at September 30, 2024). As of September 30, 2024, we had $1,222,550,000 of remaining capacity under the ATM Program. During October 2024, we sold 4,292,963 shares of common stock under our ATM Program.

The following is a summary of our common stock issuances during the nine months ended September 30, 2024 and 2023 (dollars in thousands, except shares and average price amounts): 

	Shares Issued	Average Price		Gross Proceeds		Net Proceeds
2023 Option exercises	1,708	$	63.65	$	109	$	109
2023 ATM Program issuances	41,477,572	79.08		3,279,956		3,264,947
2023 Redemption of OP Units and DownREIT Units	334,582			—		—
2023 Stock incentive plans, net of forfeitures	(54,317)			—		—
2023 Totals	41,759,545			$	3,280,065	$	3,265,056
2024 Option exercises	16,578	$	65.57	$	1,087	$	1,087
2024 ATM Program issuances	53,547,363	98.76		5,288,418		5,261,277
2024 Redemption of OP Units and DownREIT Units	494,941			—		—
2024 Stock incentive plans, net of forfeitures	95,447			—		—
2024 Totals	54,154,329			$	5,289,505	$	5,262,364

Dividends 

The following is a summary of our dividend payments (in thousands, except per share amounts): 

	Nine Months Ended
	September 30, 2024				September 30, 2023
	Per Share		Amount		Per Share		Amount
Common stock	$	1.89	$	1,127,827	$	1.83	$	921,319

Accumulated Other Comprehensive Income 

The following is a summary of accumulated other comprehensive income (loss) as of the dates presented (in thousands):

	September 30, 2024		December 31, 2023
Foreign currency translation	$	(820,376)	$	(913,675)
Derivative and financial instruments designated as hedges	625,238		750,515
Total accumulated other comprehensive income (loss)	$	(195,138)	$	(163,160)